Los Angeles and Long Beach Ports to Reopen After Strike





LOS ANGELES — After an eight-day strike that crippled the ports of Los Angeles and Long Beach, clerical workers from a local office of the International Longshore and Warehouse Union on Tuesday night agreed to a new contract with the terminal operators at the ports. Union members will return to work Wednesday morning.




As the strike dragged into its second week, both sides had come under increasing pressure from local officials to end the dispute, which had threatened to derail the Southern California economy during the holiday season. Officials from the Port of Long Beach estimated that $650 million in trade has been idled each day of the strike and a federal mediator arrived on Tuesday to help broker a deal.


“I am pleased to announce that an agreement has been reached between labor and management that will bring to an end the eight-day strike that has cost our local economy billions of dollars,” Los Angeles Mayor Antonio Villaraigosa said in a statement released Tuesday night. “With the strike now ending, we must waste no time in getting the nation’s busiest port complex’s operations back up to speed.”


Although only about 600 clerical workers had been participating in the strike, they managed to shut down 10 of the 14 shipping container terminals at the two ports, because thousands of longshoremen from the union would not cross the picket lines.


“This victory was accomplished because of support from the entire family of 10,000 members” of the International Longshore and Warehouse Union in the harbor community, Robert McEllrath, the president of the union, said in a statement announcing the agreement.


Neither the union nor the terminal operators offered details of the new contract agreement on Tuesday night.


Steve Getzug, a spokesman for the Harbor Employers Association, which represents the terminal operators, said the union voted on the proposal from the employers on Tuesday shortly before the federal mediator arrived. He added that the deal included “some compromise on staffing issues that were important to the employers.”


“And, importantly, a deal has been reached,” Mr. Getzug said. “The longshoremen expected to return 7 a.m., ready to get the cargo moving again.”


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Recipes for Health: Mediterranean Lentil Purée — Recipes for Health


Andrew Scrivani for The New York Times







The spicing here is the same as one used in a popular Egyptian lentil salad. The dish is inspired by a lentil purée that accompanies bread at Terra Bistro in Vail, Colo.




1/4 cup olive oil


1 large garlic clove, minced or pureed


1/2 teaspoon freshly ground cumin seeds


1/2 teaspoon freshly ground coriander seeds


1/8 teaspoon freshly ground cardamom seeds


1/4 teaspoon ground fenugreek seeds


3/4 cup brown or green lentils, washed and picked over


Salt and freshly ground pepper to taste


1 tablespoon plain low-fat yogurt (more to taste) or additional liquid from the lentils for a vegan version


Chopped cilantro for garnish (optional)


1. Combine 2 tablespoons of the olive oil and the garlic in a small frying pan or saucepan over medium heat. When the garlic begins to sizzle, add the spices. Stir together for about 30 seconds, then remove from the heat and set aside.


2. Place the lentils in a medium saucepan, cover by 1 to 2 inches with water, add a bay leaf, and bring to a boil. Add salt to taste, reduce the heat and cook until tender, 40 to 50 minutes. Remove the bay leaf. Taste and adjust salt. Place a strainer over a bowl and drain the lentils. Transfer to a food processor fitted with the steel blade.


3. Purée the lentils along with the garlic and spices. With the machine running add the additional olive oil and the garlic. Thin out as desired with the broth from the lentils. The purée should be very smooth; if it is dry or pasty, add more yogurt, broth, or olive oil. Taste and adjust salt. If desired add a few drops of lemon juice. Transfer to a bowl and sprinkle the cilantro over the top if desired, or spread directly on croutons or pita triangles.


Advance preparation: This will keep for four days in the refrigerator. You will probably need to moisten it with additional yogurt, olive oil or broth, and you may want to warm it and drizzle on a little more olive oil before serving.


Nutritional information per tablespoon: 31 calories; 2 grams fat; 0 grams saturated fat; 0 grams polyunsaturated fat; 1 gram monounsaturated fat; 0 milligrams cholesterol; 3 grams carbohydrates; 1 gram dietary fiber; 1 milligram sodium (does not include salt to taste); 1 gram protein


Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”


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Recipes for Health: Mediterranean Lentil Purée — Recipes for Health


Andrew Scrivani for The New York Times







The spicing here is the same as one used in a popular Egyptian lentil salad. The dish is inspired by a lentil purée that accompanies bread at Terra Bistro in Vail, Colo.




1/4 cup olive oil


1 large garlic clove, minced or pureed


1/2 teaspoon freshly ground cumin seeds


1/2 teaspoon freshly ground coriander seeds


1/8 teaspoon freshly ground cardamom seeds


1/4 teaspoon ground fenugreek seeds


3/4 cup brown or green lentils, washed and picked over


Salt and freshly ground pepper to taste


1 tablespoon plain low-fat yogurt (more to taste) or additional liquid from the lentils for a vegan version


Chopped cilantro for garnish (optional)


1. Combine 2 tablespoons of the olive oil and the garlic in a small frying pan or saucepan over medium heat. When the garlic begins to sizzle, add the spices. Stir together for about 30 seconds, then remove from the heat and set aside.


2. Place the lentils in a medium saucepan, cover by 1 to 2 inches with water, add a bay leaf, and bring to a boil. Add salt to taste, reduce the heat and cook until tender, 40 to 50 minutes. Remove the bay leaf. Taste and adjust salt. Place a strainer over a bowl and drain the lentils. Transfer to a food processor fitted with the steel blade.


3. Purée the lentils along with the garlic and spices. With the machine running add the additional olive oil and the garlic. Thin out as desired with the broth from the lentils. The purée should be very smooth; if it is dry or pasty, add more yogurt, broth, or olive oil. Taste and adjust salt. If desired add a few drops of lemon juice. Transfer to a bowl and sprinkle the cilantro over the top if desired, or spread directly on croutons or pita triangles.


Advance preparation: This will keep for four days in the refrigerator. You will probably need to moisten it with additional yogurt, olive oil or broth, and you may want to warm it and drizzle on a little more olive oil before serving.


Nutritional information per tablespoon: 31 calories; 2 grams fat; 0 grams saturated fat; 0 grams polyunsaturated fat; 1 gram monounsaturated fat; 0 milligrams cholesterol; 3 grams carbohydrates; 1 gram dietary fiber; 1 milligram sodium (does not include salt to taste); 1 gram protein


Martha Rose Shulman is the author of “The Very Best of Recipes for Health.”


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Gadgetwise Blog: The Nabi Jr.: A Tablet for Kids

Coming next month, Nabi Jr. is a 5-inch, 8 GB $99 Android tablet that can do double duty as a baby monitor or a karaoke machine. Educational apps, games and videos are pre-loaded. It has a single rotating front and back camera.

The maker of the device, Fuhu, brags: No cartridges; no AA batteries and includes Wi-Fi and Bluetooth. If the tablet is successful, it could mean serious competition for toy-based options from Leapfrog and VTech.

The Nabi Jr. has its own app store, with the promise of being able to side-load the Amazon app store. If so, this could be a major advantage; previous Nabi tablets have made it very hard to download mainstream apps that don’t go through the Fuhu toll booth.

Fuhu is also selling add-ons, and this is where things get interesting. The add-ons include an infrared night vision camera with a remote zoom for use as a baby monitor. When synced to Fuhu’s cloud server, you can use a second Android phone to have your own video baby monitor on steroids — with two-way communication abilities, a room temperature display, sound level meter and a low-battery alert. Other add-ons include a Karaoke Machine that plugs into your big screen through the HDMI cable, and a cash register simulator will be available in toy stores mid-December. Add $30 for the 16GB model. Accessories will be available in February 2013.

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Typhoon Said to Have Killed Hundreds in Philippines





MANILA – Rescue teams were trying to reach isolated villages in the southern Philippines on Wednesday after a powerful out-of-season typhoon tore through the region, leaving more than 200 people dead, according to local officials.




Typhoon Bopha packed winds of up to 100 miles per hour when it struck Tuesday, bringing torrential rains that flattened entire villages, leaving thousands homeless, as well as washing out roads and bridges needed by rescue personnel trying to reach stricken regions.


Officials in two of the hardest-hit areas told local news outlets that the death toll had surpassed 200, though the national government said Wednesday afternoon that just over 100 deaths had been confirmed. Officials said that figure was likely to increase as rescue teams reached devastated remote villages. In one area alone, Compostela Valley, more than 200 people were missing.


The storm was weakening and leaving the Philippines on Wednesday. The Philippines is hit by more than 20 powerful tropical storms per year, but Bopha struck remote communities off the usual storm path that are not accustomed to such strong typhoons.  


In December of last year, Tropical Storm Washi killed more than 1,200 people and left hundreds of thousands homeless. Officials this year called for mandatory early evacuations of vulnerable communities.


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Terms of Greek Bond Buyback Top Expectations





LONDON — In a bold bid to reduce its debt burden, Greece offered on Monday to spend as much as 10 billion euros to buy back 30 billion euros of its bonds from investors and banks.




While the buyback had been expected, the prices offered by the government were above what the market had forecast, with a minimum price of 30 euro cents and a maximum of 40 cents, for a discount of 60 percent to 70 percent.


Analysts said they expected that the average price would ultimately be 32 to 34 euro cents, a premium of about 4 cents above where the bonds traded at the end of last week.


Pierre Moscovici, the French finance minister, played down concerns that the Greek debt buyback might not go as planned.


“I have no particular anxiety about this,” Mr. Moscovici said Monday at the European Parliament ahead of the meeting in Brussels of euro zone finance ministers to discuss Greece. “It just has to be very quick.”


A successful buyback is critical for Greece. The International Monetary Fund has said that it will lend more money to Greece only if it is reasonably able to show that it is on target to achieve a ratio of debt to annual gross domestic product of less than 110 percent by 2022.


Greece will have at its disposal 10 billion euros, or $13 billion, in borrowed money from Europe. Investors who agree to trade in their Greek bonds will receive six-month treasury bills issued by Europe’s rescue vehicle, the European Financial Stability Facility. The offer will close Friday.


If successful, the exchange will retire about half of Greece’s 62 billion euros in debt owed to the private sector. The country still owes about 200 billion euros to European governments and the I.M.F.


Analysts said that Greek, Cypriot and other government-controlled European banks, which have as much as 20 billion euros worth of bonds, were expected to agree to the deal at a price in the low 30s. That would mean that to complete the transaction, hedge-fund holdings of 8 billion to 10 billion euros in bonds would have to be tendered at a price below 35 cents. Any higher price would mean that Greece would have to ask its European creditors for extra money — an unlikely outcome at this stage.


Even though Greece is so close to bankruptcy, its bonds have become one of the hot investments in Europe. Large hedge funds, like Third Point and Brevan Howard, have accumulated significant stakes, starting this summer when the bonds were trading in the low teens. Shorter-term traders have been snapping up bonds at around 29 cents to make a quick profit by participating in the buyback.


In a research note published Monday, analysts at Nomura in London said it was “reasonable and likely” that enough hedge funds — especially those that might be more risk-averse and or have a shorter perspective — would agree to the deal at a price below 35 cents.


But there are also foreign investors looking to the longer term who may decide to hold onto most of their holdings in the hope that the bonds rally even more after a successful buyback.


“I think the bonds could go to as high as 40 cents in a nonexit scenario,” said Gabriel Sterne, an analyst at Exotix in London, referring to the consensus view that Greece will not leave the euro zone anytime soon.


Bondholders were encouraged by comments from Chancellor Angela Merkel of Germany, reported in the German news media over the weekend, that raised the possibility that European governments might offer Greece debt relief in the future. A number of bondholders expect Greek bond yields to trade more in line with those of Portugal in the coming years, but without the prospect of a future buyback to push up the prices of Greek government bonds, the risk to such an approach is substantial.


Jean-Claude Juncker, the president of the group of finance ministers whose countries use the euro, told a news conference late Monday in Brussels that ministers would meet again on the morning of Dec. 13 to make a final decision on aid disbursement to Greece.


Mr. Juncker said he was confident that Greece would receive its money on that date, but he declined to comment on the prospects for success of the buyback program because it was a sensitive matter for the financial markets.


Mr. Juncker has been the president of the group of ministers since 2005, and the post gives him significant power over what is discussed at the group’s meetings.


Mr. Juncker reiterated at the news conference that he would step down at the end of this year or at the beginning of next year. But he declined to signal his preference for any particular successor.


“I don’t have to endorse anyone,” Mr. Juncker said. “I was asking my colleagues to provide for my succession,” he said, referring to discussions held with ministers earlier in the evening.


Separately, Spain, which is also seeking to overcome crippling debt problems, began the process Monday of formally requesting 39.5 billion euros in emergency aid to recapitalize its banks. It also announced that a tax amnesty had yielded only 1.2 billion euros, less than half what the government had expected.


The request for emergency aid was being sent to authorities managing the euro zone bailout funds, according to Spanish officials, who added that no further approval would be needed from ministers meeting in Brussels.


The request follows the European Commission’s approval last week of a plan to make the granting of the aid conditional on thousands of layoffs and office closings at four Spanish banks: Bankia, Catalunya Banc, NCG Banco and Banco de Valencia.


James Kanter contributed reporting from Brussels.



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With Some Hospitals Closed After Hurricane Sandy, Others Pick Up Slack





A month after Hurricane Sandy struck New York City, unexpectedly shutting down several hospitals, one Upper East Side medical center had so many more emergency room patients than usual that it was parking them in its lobby.




White and blue plastic screens had been set up between the front door and the elevator banks in the East 68th Street building of that hospital, NewYork-Presbyterian/Weill Cornell. The screens shielded 10 gurneys and an improvised nursing station from the view of people obliviously walking in and out of the soaring, light-filled atrium.


“It’s like a World War II ward,” Teri Daniels, who had been waiting a day and a half with a relative who needed to be admitted, said last week.


Since the storm, a number of New York City hospitals have been scrambling to deal with a sharp increase in patients, forcing them to add shifts of doctors and nurses on overtime, to convert offices and lobbies to use for patients’ care, and even, in one case, to go to a local furniture store to buy extra beds.


At Beth Israel Medical Center, 11 blocks south of the Bellevue Hospital Center emergency room, which was shuttered because of storm damage, the average number of visits to the E.R. per day has risen to record levels. Visits have increased by 24 percent this November compared with last, and the numbers show no sign of dropping. Hospital admissions have risen 12 percent compared with last November.


Most of the rise in volume is from patients who had never been to Beth Israel before. An emergency room doctor at the hospital described treating one patient who said he had been born at Bellevue and had never before gone anywhere else.


Emergency room visits have gone up 25 percent at NewYork-Presybterian/Weill Cornell, which in Bellevue’s absence is the closest high-level trauma center — treating stab wounds, gun wounds, people hit by cars and the like — in Manhattan from 68th Street south. Stretchers holding patients have been lined up like train cars around the nursing station and double-parked in front of stretcher bays.


In Brooklyn, some patients in Maimonides Medical Center’s emergency room who need to be admitted are waiting two or three days for a bed upstairs, instead of four or five hours. Almost every one of the additional 1,100 emergency patients this November compared with last November came from four ZIP codes affected by the storm and served by Coney Island Hospital, a public hospital that was closed because of storm damage.


The number of psychiatric emergency patients from those same ZIP codes has tripled, in a surge that began three days before the hurricane, perhaps fueled by anxiety, as well as by displacement from flooded adult homes or programs at Coney Island Hospital, doctors said.


The Maimonides psychiatric emergency room bought five captain’s beds — which do not have railings that can be used for suicide attempts — at a local furniture store, to accommodate extra patients. The regular emergency room had to buy 27 new stretchers after the hurricane, “and we probably need a few more,” the department’s chief, Dr. John Marshall, said.


The emergency room and inpatient operations of four hospitals remain closed because of flooding and storm damage. Besides Bellevue and Coney Island, NYU Langone Medical Center and the VA New York Harbor Healthcare System, both near Bellevue on the East Side of Manhattan, are closed.


While the surge in traffic to other hospitals has been a burden, it has also been a boon, bringing more revenue.


On the Upper East Side, the storm has helped Lenox Hill Hospital, which has a history of financial problems. It took two or three wards that had been turned into offices and converted them back to space for patients. Emergency room visits are up 10 percent, and surgery has been expanded to seven days a week from five.


“We usually operate at slightly over 300 beds, and now we’re at well over 550,” Carleigh Gustafson, director of emergency nursing, said.


Conversely, administrators at the shuttered hospitals, especially NYU Langone, a major teaching center, worry that their patients and doctors are being raided, with some never to return.


NYU’s salaried doctors are being paid through January, on the condition that they do not take another job. But at the same time, they need a place to practice, so NYU administrators have been arranging for them to work as far away as New Jersey until the hospital reopens. Lenox Hill alone has taken on close to 300 NYU doctors, about 600 nurses, and about 150 doctors in training, fellows and medical students.


Obstetricians and surgeons from the closed hospitals have been particularly disadvantaged, since they are dependent on hospitals to treat their patients. Many displaced surgeons have been reduced to treating only the most desperately ill, and operating on nights and weekends, when hospitals tend to be least well staffed.


“I think there’s no question that a lot of people have postponed anything that they can postpone that is elective,” said Dr. Andrew W. Brotman, senior vice president at NYU.


In mid-November, Dr. Michael L. Brodman, chairman of obstetrics at Mount Sinai Medical Center, sent out a memo saying his department had taken on 26 NYU physicians, as well as nurses and residents, but “clearly, that is too much for us to handle long term.”


Since then, 15 of the physicians have gone to New York Downtown Hospital, while Mount Sinai has retained 11 doctors and 26 nurses.


“We are guests in other people’s homes,” Dr. Brotman of NYU said, “and we are guests who have to some degree overstayed their welcome.”


Joanna Walters contributed reporting.



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With Some Hospitals Closed After Hurricane Sandy, Others Pick Up Slack





A month after Hurricane Sandy struck New York City, unexpectedly shutting down several hospitals, one Upper East Side medical center had so many more emergency room patients than usual that it was parking them in its lobby.




White and blue plastic screens had been set up between the front door and the elevator banks in the East 68th Street building of that hospital, NewYork-Presbyterian/Weill Cornell. The screens shielded 10 gurneys and an improvised nursing station from the view of people obliviously walking in and out of the soaring, light-filled atrium.


“It’s like a World War II ward,” Teri Daniels, who had been waiting a day and a half with a relative who needed to be admitted, said last week.


Since the storm, a number of New York City hospitals have been scrambling to deal with a sharp increase in patients, forcing them to add shifts of doctors and nurses on overtime, to convert offices and lobbies to use for patients’ care, and even, in one case, to go to a local furniture store to buy extra beds.


At Beth Israel Medical Center, 11 blocks south of the Bellevue Hospital Center emergency room, which was shuttered because of storm damage, the average number of visits to the E.R. per day has risen to record levels. Visits have increased by 24 percent this November compared with last, and the numbers show no sign of dropping. Hospital admissions have risen 12 percent compared with last November.


Most of the rise in volume is from patients who had never been to Beth Israel before. An emergency room doctor at the hospital described treating one patient who said he had been born at Bellevue and had never before gone anywhere else.


Emergency room visits have gone up 25 percent at NewYork-Presybterian/Weill Cornell, which in Bellevue’s absence is the closest high-level trauma center — treating stab wounds, gun wounds, people hit by cars and the like — in Manhattan from 68th Street south. Stretchers holding patients have been lined up like train cars around the nursing station and double-parked in front of stretcher bays.


In Brooklyn, some patients in Maimonides Medical Center’s emergency room who need to be admitted are waiting two or three days for a bed upstairs, instead of four or five hours. Almost every one of the additional 1,100 emergency patients this November compared with last November came from four ZIP codes affected by the storm and served by Coney Island Hospital, a public hospital that was closed because of storm damage.


The number of psychiatric emergency patients from those same ZIP codes has tripled, in a surge that began three days before the hurricane, perhaps fueled by anxiety, as well as by displacement from flooded adult homes or programs at Coney Island Hospital, doctors said.


The Maimonides psychiatric emergency room bought five captain’s beds — which do not have railings that can be used for suicide attempts — at a local furniture store, to accommodate extra patients. The regular emergency room had to buy 27 new stretchers after the hurricane, “and we probably need a few more,” the department’s chief, Dr. John Marshall, said.


The emergency room and inpatient operations of four hospitals remain closed because of flooding and storm damage. Besides Bellevue and Coney Island, NYU Langone Medical Center and the VA New York Harbor Healthcare System, both near Bellevue on the East Side of Manhattan, are closed.


While the surge in traffic to other hospitals has been a burden, it has also been a boon, bringing more revenue.


On the Upper East Side, the storm has helped Lenox Hill Hospital, which has a history of financial problems. It took two or three wards that had been turned into offices and converted them back to space for patients. Emergency room visits are up 10 percent, and surgery has been expanded to seven days a week from five.


“We usually operate at slightly over 300 beds, and now we’re at well over 550,” Carleigh Gustafson, director of emergency nursing, said.


Conversely, administrators at the shuttered hospitals, especially NYU Langone, a major teaching center, worry that their patients and doctors are being raided, with some never to return.


NYU’s salaried doctors are being paid through January, on the condition that they do not take another job. But at the same time, they need a place to practice, so NYU administrators have been arranging for them to work as far away as New Jersey until the hospital reopens. Lenox Hill alone has taken on close to 300 NYU doctors, about 600 nurses, and about 150 doctors in training, fellows and medical students.


Obstetricians and surgeons from the closed hospitals have been particularly disadvantaged, since they are dependent on hospitals to treat their patients. Many displaced surgeons have been reduced to treating only the most desperately ill, and operating on nights and weekends, when hospitals tend to be least well staffed.


“I think there’s no question that a lot of people have postponed anything that they can postpone that is elective,” said Dr. Andrew W. Brotman, senior vice president at NYU.


In mid-November, Dr. Michael L. Brodman, chairman of obstetrics at Mount Sinai Medical Center, sent out a memo saying his department had taken on 26 NYU physicians, as well as nurses and residents, but “clearly, that is too much for us to handle long term.”


Since then, 15 of the physicians have gone to New York Downtown Hospital, while Mount Sinai has retained 11 doctors and 26 nurses.


“We are guests in other people’s homes,” Dr. Brotman of NYU said, “and we are guests who have to some degree overstayed their welcome.”


Joanna Walters contributed reporting.



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Oracle Paying Next Year’s Dividends Now, at Low Tax Rate





SAN FRANCISCO (Reuters) — Oracle said on Monday that it would pay more than $800 million in next year’s dividends to shareholders later this month, joining a growing number of companies accelerating such payments or declaring special dividends because of the possibility that income tax rates will rise in 2013.




Dividend payments are taxed at a preferential rate of 15 percent, but taxes could rise as high as 39.6 percent, depending on a taxpayer’s income bracket, if the Bush-era tax cuts expire as scheduled on Dec. 31. Higher income taxpayers will also be subject to a 3.8 percent surcharge on most investment income like dividends to help pay for President Obama’s health care law. That could bring the total possible tax rate on dividends to as much as 43.4 percent.


The Obama administration, which is pushing for higher dividend tax rates, is negotiating with Republicans in Congress over about $600 billion in automatic tax increases and government spending cuts that are scheduled to take effect in January, but no agreement is in sight.


Oracle accelerated second-, third- and fourth-quarter cash dividends totaling 18 cents a share of common stock, equivalent to $867 million, according to Thomson Reuters data.


In some cases, insiders are among the biggest beneficiaries of the special payouts, as well as shifts of regular dividends into 2012 from 2013. Oracle’s chief executive, Larry Ellison, the technology company’s largest shareholder, is entitled to dividends worth $198.9 million, according to Thomson Reuters data. Mr. Ellison did not participate in discussions or vote on the matter, Oracle said in a statement on Monday.


The accelerated dividend will be paid to stockholders of record as of the close of business on Dec. 14, with a payment date of Dec. 21, 2012.


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Terms of Greek Bond Buyback Top Expectations





LONDON — In a bold bid to reduce its debt burden, Greece offered on Monday to spend as much as 10 billion euros to buy back 30 billion euros of its bonds from investors and banks.




While the buyback had been expected, the prices offered by the government were above what the market had forecast, with a minimum price of 30 euro cents and a maximum of 40 cents, for a discount of 60 percent to 70 percent.


Analysts said they expected that the average price would ultimately be 32 to 34 euro cents, a premium of about 4 cents above where the bonds traded at the end of last week.


Pierre Moscovici, the French finance minister, played down concerns that the Greek debt buyback might not go as planned.


“I have no particular anxiety about this,” Mr. Moscovici said Monday at the European Parliament ahead of the meeting in Brussels of euro zone finance ministers to discuss Greece. “It just has to be very quick.”


A successful buyback is critical for Greece. The International Monetary Fund has said that it will lend more money to Greece only if it is reasonably able to show that it is on target to achieve a ratio of debt to annual gross domestic product of less than 110 percent by 2022.


Greece will have at its disposal 10 billion euros, or $13 billion, in borrowed money from Europe. Investors who agree to trade in their Greek bonds will receive six-month treasury bills issued by Europe’s rescue vehicle, the European Financial Stability Facility. The offer will close Friday.


If successful, the exchange will retire about half of Greece’s 62 billion euros in debt owed to the private sector. The country still owes about 200 billion euros to European governments and the I.M.F.


Analysts said that Greek, Cypriot and other government-controlled European banks, which have as much as 20 billion euros worth of bonds, were expected to agree to the deal at a price in the low 30s. That would mean that to complete the transaction, hedge-fund holdings of 8 billion to 10 billion euros in bonds would have to be tendered at a price below 35 cents. Any higher price would mean that Greece would have to ask its European creditors for extra money — an unlikely outcome at this stage.


Even though Greece is so close to bankruptcy, its bonds have become one of the hot investments in Europe. Large hedge funds, like Third Point and Brevan Howard, have accumulated significant stakes, starting this summer when the bonds were trading in the low teens. Shorter-term traders have been snapping up bonds at around 29 cents to make a quick profit by participating in the buyback.


In a research note published Monday, analysts at Nomura in London said it was “reasonable and likely” that enough hedge funds — especially those that might be more risk-averse and or have a shorter perspective — would agree to the deal at a price below 35 cents.


But there are also foreign investors looking to the longer term who may decide to hold onto most of their holdings in the hope that the bonds rally even more after a successful buyback.


“I think the bonds could go to as high as 40 cents in a nonexit scenario,” said Gabriel Sterne, an analyst at Exotix in London, referring to the consensus view that Greece will not leave the euro zone anytime soon.


Bondholders were encouraged by comments from Chancellor Angela Merkel of Germany, reported in the German news media over the weekend, that raised the possibility that European governments might offer Greece debt relief in the future. A number of bondholders expect Greek bond yields to trade more in line with those of Portugal in the coming years, but without the prospect of a future buyback to push up the prices of Greek government bonds, the risk to such an approach is substantial.


Jean-Claude Juncker, the president of the group of finance ministers whose countries use the euro, told a news conference late Monday in Brussels that ministers would meet again on the morning of Dec. 13 to make a final decision on aid disbursement to Greece.


Mr. Juncker said he was confident that Greece would receive its money on that date, but he declined to comment on the prospects for success of the buyback program because it was a sensitive matter for the financial markets.


Mr. Juncker has been the president of the group of ministers since 2005, and the post gives him significant power over what is discussed at the group’s meetings.


Mr. Juncker reiterated at the news conference that he would step down at the end of this year or at the beginning of next year. But he declined to signal his preference for any particular successor.


“I don’t have to endorse anyone,” Mr. Juncker said. “I was asking my colleagues to provide for my succession,” he said, referring to discussions held with ministers earlier in the evening.


Separately, Spain, which is also seeking to overcome crippling debt problems, began the process Monday of formally requesting 39.5 billion euros in emergency aid to recapitalize its banks. It also announced that a tax amnesty had yielded only 1.2 billion euros, less than half what the government had expected.


The request for emergency aid was being sent to authorities managing the euro zone bailout funds, according to Spanish officials, who added that no further approval would be needed from ministers meeting in Brussels.


The request follows the European Commission’s approval last week of a plan to make the granting of the aid conditional on thousands of layoffs and office closings at four Spanish banks: Bankia, Catalunya Banc, NCG Banco and Banco de Valencia.


James Kanter contributed reporting from Brussels.



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